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Medicenna Therapeutics (NASDAQ:MDNA) stock is falling on Monday after the immunotherapy company alerted investors to a delisting notice.
Medicenna Therapeutics notes that it received the delisting notice from the Listing Qualifications Department of the Nasdaq Stock Market. This has its shares being delisted due to them being unable to maintain the minimum bid price of $1 each.
Medicenna Therapeutics alerted the Nasdaq that it has no intention of appealing the delisting decision. It also doesn’t intend to regain compliance with the minimum listing standard through a reverse stock split.
What This Means for MDNA Stock
Fahar Merchant, Ph.D., president and CEO of Medicenna Therapeutics, said the following about the news.
“Our Board of Directors concluded that within the context of the current biotech markets, the Company and its stockholders do not benefit from a Nasdaq listing considering the associated significant costs and resources required.”
With this news, shares of MDNA stock will be delisted from the Nasdaq Exchange this week. That will see trading suspended on Thursday before a filing is made to remove the company’s shares from the market. This should result in its shares switching over to the OTC Markets after the delisting.
MDNA stock is down 2.7% on Monday alongside the delisting news.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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